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ECS1501 - Exam Preparation - 2022 - Questions and Answers
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Questions and Answers - Updated 2022
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ECS1501 – Exam Prep2022
, 1. Scarcity exists
[1] when things are available only in small quantities.
[2] when resources are insufficient to produce all the desired goods and
services.
[3] only among poor people who cannot afford to buy the things they want.
[4] in underdeveloped countries but not in advanced countries.
Individuals, businesses and government all want to do many things, but the means
with which these wants can be met are limited/ Insufficient.
2. The professional soccer players' union negotiates a contract that
dramatically increases all players' salaries. How would this influence the
opportunity cost for a player who was considering giving up soccer to
pursue a career in broadcasting?
[1] It would not affect the opportunity cost of playing soccer or of broadcasting.
[2] It would increase the opportunity cost of continuing to play professional soccer.
[3] It should have no bearing on the player's decision from an economic standpoint.
[4] It would increase the opportunity cost of becoming a broadcaster.
3. The study of the choices made by individuals is part of the definition of
[1] macroeconomics.
[2] positive economics.
[3] normative economics.
[4] microeconomics.
Microeconomics is a branch in economics that deals with “Individual” units, that is it
disaggregates and deals with consumers and firms as isolated characteristics. The
objective is to study individual choices under uncertainty and scarcity.
4. Economists work on the premise that
[1] resources are unlimited but wants are limited.
[2] resources are limited but wants are unlimited.
[3] both resources and wants are unlimited.
[4] both resources and wants are limited.
Resources are generally limited e.g. (Land, Labour and Capital) whilst wants are
unlimited because peoples appetites are insatiable (more money, more cars, more is
better).
5. Positive economics
[1] deals with economic laws established without doubt.
[2] describes what is rather than what ought to be.
[3] is practised by a school of economists known as positivists.
[4] describes what ought to be rather than what is.
Positive economics (as opposed to normative economics) is the branch of
economics that concerns the description and explanation of economic phenomena. It
focuses on facts and cause-and-effect behavioural relationships and includes the
development and testing of economic theories.
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